The stock market is crashing, housing prices are plummeting and the economy is poised for a severe downturn so I'm reminded of the criticism I heard at the World Economic Forum in Davos in January that innovation is responsible for this mess. A European banker came up to me and said, "isn't innovation at the root of all our problems?" "All those new financial instruments failed, right?" (by Bruce Nussbaum)
Author believes that there are two major problems:
-New inventions were not stress-tested in a real environment.
-The new financial products were flawed.
I think new innovation which means new function and risk, especially we depend on technology deeply. But I believe that the advancement of civilization is base on new invention, and people should use it, but fear it, because dread can make people become more cautiousness.
[ via businessweek ]
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